I am surprised at some of the comments. Such as already labeling it a conventional TPS considering both what Team Ninja's forte is and what Itagaki has said about the melee aspect of this game.
"In looking at real combat, close combat has a more visceral bloody feel to it. I want to get more of that close combat feel in [Devil's Third],""
"place a major emphasis on shootingalong with "deep melee and fighting systems" and boast a robust multiplayer component."
" We've brought all the lessons and know-how to bear on this project. For example, in Dead or Alive details such as going from standing state to crouching state - how many frames should that be, and the real details of working a system like that. There are only a couple of people in the world who really understand how that works, and that's just one piece of knowledge we're bringing to this."
It is pretty obvious they are putting some time into the melee combat which is something Team Ninja is known for. Though I haven't played Wet yet. That could also have had a combat system on par with the DoA or Ninja Gaiden series, but I am doubtful.
Personally, the depth and challenge of the gameplay systems is one of only thing I look forward to in an action game (or video games in general.) It is also the main aspect of the Ninja Gaiden games. The combat depth is something that wouldn't necessarily come off fully in trailer form. Outside of the higher level aspects such as it having both shooter and melee aspects along with level of speed of the game-play unless they were aiming for it to be a more cinematic trailer.)